2013 Registration document and annual financial report - page 268

Registration Document 2013
266
Financial Statemements
5
Consolidated Financial Statements And Notes
NOTE
35 CHANGE INWORKING CAPITAL
The change in working capital can be analyzed as follows:
(in millions of euros)
Dec. 2012
Dec. 2013
Change
Inventories
47
42
(5)
Trade receivables
402
390
(12)
Other receivables and accruals
516
478
(38)
WORKING CAPITAL ITEMS – ASSETS
965
910
(55)
Trade payables
580
611
31
Other payables
1,142
964
(178)
WORKING CAPITAL ITEMS – LIABILITIES
1,722
1,575
(147)
WORKING CAPITAL
757
665
(92)
DECEMBER 31, 2012WORKING CAPITAL
757
Change in operating working capital
133
Change in operating working capital of discontinued operations
5
Change in non-operating working capital
(1)
(185)
Working capital items included in assets disposals and assets reclassified as held for sale
(27)
Translation adjustment
(18)
NET CHANGE IN WORKING CAPITAL
(92)
DECEMBER 31, 2013WORKING CAPITAL
665
(1) This amount corresponds to the payment of “précompte” dividend withholding tax for €185 million (see note 39.2).
NOTE
36 RENOVATION AND MAINTENANCE EXPENDITURE
The amounts reported under “Renovation and maintenance
expenditure” correspond to capitalized costs for maintaining or
improving the quality of assets held by the Group at the beginning
of each period (January 1) as a condition of their continuing
operation.This caption does not include development expenditure
corresponding to the property, plant and equipment and working
capital of newly consolidated companies and the purchase or
construction of new assets.
Renovation and maintenance expenditure breaks down as follows:
(in millions of euros)
2012
2013
HOTELS
287
262
- Upscale and Midscale Hotels
161
154
- Economy
126
108
OTHER BUSINESSES
12
3
RENOVATIONAND MAINTENANCE EXPENDITURE
299
265
In 2012 and 2013, expenditure on existing assets included €39 million and €27 million respectively related to the ibis Megabrand (see note 2.B.5).
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